Enterprise Investors sells Croatian PAN-PEK
Warsaw, July 16, 2025 — Polish Enterprise Fund VII, a private equity fund managed by Enterprise Investors, today announced it has sold 100% of shares in PAN-PEK, a leading Croatian producer and distributor of bakery products. The company was acquired by Inter Europol, the largest player in Poland’s bakery market. The value of the transaction was not disclosed.
Founded in 1992, PAN-PEK has grown into one of the Adriatic region’s top producers of frozen baked goods. The company supplies major modern retail chains such as Lidl, Kaufland, Konzum and Spar, and operates its own retail network of more than 70 locations. PAN-PEK employs nearly 800 people and generated revenues of over EUR 50 million in 2024. It runs two production facilities, in Zagreb and Đakovo, and offers a broad assortment of breads, pastries, snacks, sandwiches and regional specialties, catering to both retail customers and the HoReCa sector.
Enterprise Investors became PAN-PEK’s majority shareholder in 2018 and assumed full ownership in 2020. Under its stewardship, the company significantly expanded its production capacity and launched exports to Italy and the United States.
Inter Europol SA is a family-owned Polish company established in 1989. Originally a local bakery in Warsaw, it has grown into the leading player in Poland’s bakery market and employs more than 1,500 people. Its fresh and frozen products are distributed across the European Union as well as in Asia and the Middle East. Most of its products carry a clean label, meaning they are made exclusively from natural ingredients and the company’s own sourdough, without emulsifiers or stabilizers. Inter Europol continues to grow dynamically, pursuing an acquisition-led strategy. In recent years it has acquired healthy food producers Bezgluten and Primavika as well as a bakery, Trimar, strengthening its position in the natural products and retail segments.
Enterprise Investors is one of the largest private equity players in Central and Eastern Europe. Active since 1990, the firm has raised ten funds, which have invested and committed EUR 2.4 billion in 161 companies and exited 141 companies.
For further information please contact:
Anna Czywczyńska, Communications & Public Affairs Director
tel.: +48 22 458 8500